Pirelli gained 3% in Milan, following the publication of a net profit down 13% to 100 million euros for the first three months of 2024, but with an adjusted operating margin improving by 0.9 points to 15.5%, thus exceeding expectations.

This start to the year once again seems to confirm the tiremaker's good positioning and its ability to take advantage of the still favorable momentum in the premium segment", says Oddo BHF, which remains "neutral" but is raising its target from 5.5 to six euros.

At almost 1.7 billion euros, sales were virtually unchanged on a reported basis, but rose by 4.6% on an organic basis, thanks to a solid sales performance, with the Italian group also claiming efficiency gains.

Pirelli thus confirms its targets for the full year 2024, namely an adjusted operating margin in the range of 15 to 15.5%, as well as revenues of around 6.6 to 6.8 billion euros and an after-tax ROIC of around 21%.

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